Common use of Adjustment of Security Amount Clause in Contracts

Adjustment of Security Amount. At intervals of not less than three (3) months after approval of the Plan and the Reclamation Plan, as applicable, Lessor may, in Lessor’s reasonable discretion, following consultation with Lessee, revise the estimate of the cost of development or reclamation in accordance with the approved plan to reflect then current costs and prices for the work and materials necessary for work under the plan. Within thirty (30) days of receipt of such revised estimate, Lessee shall then cause the existing security to be adjusted to reflect the amount of the revised estimate.

Adjustment of Security Amount. At intervals of not less than three five (35) months years, and after approval of the Construction Plan and the Decommissioning and Reclamation Plan, as applicable, Lessor may, in Lessor’s reasonable discretion, following consultation with Lessee, revise the estimate of the cost of development construction or reclamation in accordance with the approved plan cost estimate to reflect then then-current third party costs and prices for the work and materials necessary for work under to complete the planConstruction Plan or the Decommissioning and Reclamation Plan. Within thirty (30) calendar days of receipt of such revised estimate, Lessee shall then cause the existing security to be adjusted to reflect the amount of the revised estimate.